The Cook Islands is a self-governing island country situated in the South Pacific Ocean. It is in free association with New Zealand and comprises 15 islands with a total land area of 240 square kilometers (92.7 sq. mi).
The Financial Supervisory Commission (FSC) came into existence in the Cook Islands on 1 July 2003, replacing the former Off-shore Financial Services Commission. The Financial Intelligence Unit (FIU) merged with the FSC on 1 July 2012.
The Cook Islands Forex License offer three types of licenses for international companies with different business activities. Combined license is the one to be chosen if you wish to conduct Forex brokerage business.
Money changer’s license allows you to conduct only money changing business, Remittance license allows you to accept clients’ money and transmit it to another person residing abroad. To conduct Forex brokerage business in Cook Islands the Combined license should be obtained since it authorizes the licensee to do both activities (money changing and remittance). Minimal capital is not specified however, it shall be decided by the applicant, according to the level and scale of business operations.
The applicant must keep a permanent place of business in the Cook Islands. Upon receipt of the license, it is not allowed to open additional place of business outside Cook Islands, without obtaining approval from FSC.
In order to stream-line the application process, provide all required documentation and let our professionals expedite the registered incorporation. The documents needed must be in the English language or accompanied by an English notarized translation.
Documents Required :
- Notarized passport
- Notarized 2nd ID
- Certified Utility Bill
- Notarized Criminal Record
- Bank reference Letter
- 2 Character Reference Letters issued by professionals
- Certified Diplomas of Higher Education
- Detailed CV dated and signed by the applicant.
If the shareholder is a company, it must provide:
- -A Copy of the last annual/financial return;
- -A Certified true copy certificate of registration;
- -A List of shareholders.
Totally Foreign: The law allows foreigners to create foundations with beneficiaries and assets located in any country.
Privacy: The names of the founder, beneficiaries, council members, and enforcer are never in any public records. The assets descriptions and locations are not included in the public records.
Tax Free: Foundations and beneficiaries are not subject to any type of taxes. However, beneficiaries who are U.S. taxpayers and others residing in countries taxing global income must report all income to their governments.
Asset Protection: Other countries’ laws threatening the protection of assets will not be recognized. Creditors will have a difficult time challenging the foundation or the transfer of assets to it.
English: As an Associated State of New Zealand, their official language is English.
Obtaining a Forex license in Cook Islands typically takes 3-4 months.